Limited partnership is non-transferable without consent of general partner

Corporation Shares are transferable, property that can be sold. Ownership doesnt req consent of other shareholders.

Smaller entities LLC Member-managed o Members participate in management Manager- managed o Operates a lot like a corporation Usually none of the interests are transferable

General Partnership Agency Fiduciary relationship Agent has power to act for the principal All members have control to the extent allowed by partnership agreement No partners can transfer interest unless consent is given by other partners

Johnson v. Cargill Warren operated a grain elevator (buying grain from farmers). They were acting as a warehouse for grain.